This shows how seriously Britain, France and Germany take the low carbon agenda and how we want to work together to make it happen.

We’re determined to make the economic case for the EU to cut its emissions by 30% by 2020 as quickly as possible. Moving to a low carbon economy can help deliver energy security and contribute to economic recovery.

The current 20% target is not sufficient to encourage companies to make the necessary investment in green technologies and green jobs. The ‘wait and see’ policy of sticking to 20% risks putting Europe in the global slow lane of maximising low carbon economic opportunities.

Today’s initiative on a 30% cut in EU emissions is part of the UK government’s wider moves to encourage low carbon investment. The Budget announced plans to consult on reforms to the Climate Change Levy to provide more certainty and support to the carbon price in the UK, and further reforms of the energy market to promote low-carbon energy generation will follow in the Energy Bill.

The government has also said that it will put forward detailed proposals on the creation of a Green Investment Bank to help the UK meet the low carbon investment challenge.

Notes for editors

The article was published in the Financial Times, Le Monde and Frankfurter Allgemeine Zeitung on Thursday 15 July.

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